Page 4 - The Indian EYE 060322
P. 4

BIG STORY                                                                JUNE 03, 2022  |    The Indian Eye                     4

                                                QUAD & IPEF

                  A $50 BILLION GAME

                        US President Joe Biden and Indian Prime Minister join hands with Japan

              and Australia to launch new initiatives for free and fair trade in the Indo-Pacific region.

                                 Will this strategy work to contain the rising power of China?

        OUR BUREAU                                                                                            that the foundation of resilient supply
                                                                                                              chains must be 3Ts - Trust, Transpar-
        Tokyo/New Delhi/Washington, DC
                                                                                                              ency and Timeliness.
              mid efforts by China to in-                                                                         This Biden-led initiative saw the
              crease its global footprint by                                                                  participation of Prime Minister of
        Afinancing  infrastructure  proj-                                                                     Japan Kishida Fumio, as well as the
        ects, Quad leaders on Tuesday reaf-                                                                   virtual presence of leaders of other
        firmed  their  shared  commitment  to                                                                 partner countries viz. Australia, Bru-
        deepen cooperation on infrastruc-                                                                     nei, Indonesia, Republic of Korea,
        ture, which is critical to driving pro-                                                               Malaysia, New Zealand, Philippines,
        ductivity and prosperity in the In-                                                                   Singapore, Thailand, and Vietnam.
        do-Pacific region.                                                                                        Also,  Modi participated  in  an
            The Quad meeting was attended by                                                                  event in Tokyo Monday to launch dis-
        Prime Minister Narendra Modi, Aus-                                                                    cussions for an Indo-Pacific Econom-
        tralian Prime Minister Anthony Alba-                                                                  ic  Framework  for  Prosperity  (IPEF)
        nese, US President Joe Biden and Jap-                                                                 during which he underlined that the
        anese Prime Minister Fumio Kishida.                                                                   foundation of resilient supply chains
            A statement issued after the                                                                      must be 3Ts - Trust, Transparency and
        meeting of leaders of Australia, India,                                                               Timeliness.
        Japan and the United States here said                                                                     In his  comments during  the
        that Quad will seek to extend more                                                                    launch ceremony, Prime Minister said
        than 50 billion USD of infrastructure                                                                 that announcement of IPEF is a dec-
        assistance and investment in the In-                                                                  laration of a collective desire to make
        do-Pacific over the next five years.                                                                  the Indo-Pacific region an engine of
            The Quad leaders said in the             Prime Minister Narendra Modi at the Quad Leaders Summit,    global economic growth. India has
        statement that they share a com-                     in Tokyo on Tuesday. (ANI Photo/PIB)             historically been at the centre of trade
        mitment to addressing debt issues,                                                                    flows in the Indo-Pacific region, hav-
        which have been exacerbated by the   long-term benefits in the fight against   A White House Fact Sheet said,   ing the world’s oldest commercial port
        pandemic in many countries. “Quad   COVID-19 and future pandemics.  IPEF will enable the United States   in Lothal, Gujarat, said PM Modi,
        partners bring decades of skills and   The leaders said they looked for-  and the allies to decide on rules of the   who  called  for  finding  common  and
        experience together to catalyse infra-  ward to WHO Emergency Use List-  road that ensure American workers,   creative solutions to tackle economic
        structure delivery to the region. We   ing Procedure (EUL) for the vaccines.  small businesses, and ranchers can   challenges of the Indo-Pacific region.
        are committed to working closely with   Also at Tokyo, Joe Biden un-  compete in the Indo-Pacific.        India is committed to a free,
        partners and the region to drive pub-  veiled the discussion on Indo-Pacific   “The United States and our part-  open,  and  inclusive  Indo-Pacific  re-
        lic and private investment to bridge   Economic Framework for Prosperity   ners in the region believe that much   gion and believes that deepening eco-
        gaps. To achieve this, Quad will seek   (IPEF) on Monday with a dozen initial   of our success in the coming decades   nomic engagement among partners is
        to extend more than 50 billion USD   partners, including India, which rep-  will depend on how well governments   crucial for continued growth, peace,
        of infrastructure assistance and in-  resent 40 per cent of the world GDP.   harness innovation -- especially the   and prosperity. India is keen to col-
        vestment in the Indo-Pacific, over the   “We’ll do that by taking out some of   transformations afoot in the clean en-  laborate with partner countries under
        next five years,” the statement said.  the most acute challenges that drag   ergy, digital, and technology sectors --   the IPEF and work towards advanc-
            The leaders welcomed the meet-  down growth and by maximising the   while fortifying our economies against   ing  regional  economic  connectivity,
        ing  of  the  development  finance  in-  potential of our strongest growth en-  a range of threats, from fragile supply   integration and boosting trade and
        stitutions and agencies of the four   gines,” said Biden at the Indo-Pacific   chains  to  corruption  to  tax  havens,”   investment within the region.
        countries in the margins of the Quad   Economic Framework event in Japan.   the statement said.           With the launch of the process
        Leaders’ Meeting.                 “The  vision  for  an  Indo-Pacific  that   Speaking at the launch of the   today to establish the IPEF, partner
            On COVID-19 and global health   is free and open and secure as well   event, Prime Minister Narendra Modi   countries will begin discussions focus-
        security, the Quad leaders said they   as resilient, where economic growth   congratulated Biden for this initia-  ing on strengthening economic coop-
        welcome the progress on the expan-  is sustainable and inclusive. We are   tive. “India will work for an inclusive   eration and achieving shared goals.
        sion of J&J vaccine production at the   writing new rules for the 21st-century   and  flexible  Indo-Pacific  Economic   At the meeting, in a veiled mes-
        Biological E facility in India under the   economy. We are going to have all our   Framework; Trust, Transparency, and   sage to China, Quad countries said
        Quad Vaccine Partnership-sustain-  country’s economies grow faster and   Timeliness are key,” he said.  they will champion adherence to
        able manufacturing capacity will yield   fair,” he added.               The Prime Minister underlined        Continued at next page... >>

   1   2   3   4   5   6   7   8   9